Web3 is obsolete: Dorsey launches Web5

If you've been active on Tech Twitter for the past few days, you've probably come across the term "Web5". It all started when former Twitter CEO Jack Dorsey announced a new platform. Web5, developed on a bitcoin blockchain, will be a combination of Web3 and Web 2.0.

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New Web5 from Jack Dorsey

Company TBD, controlled Blockem, founded by Jack Dorsey, announced plans to build a new decentralized website. Bitcoin should be Dorsey's architect on which the website will operate in the future.

A new project called "Web5" is further evidence of Jack Dorsey's relentless belief in primary cryptocurrency. While Web3's concept is based on blockchain technology and tokenization for network decentralization, Web5 is a system based solely on a single distributed network: the network Bitcoin.

According to the new Web5 concept, the network should become a decentralized platform focused on its native currency, which would be BTC. Dorsey criticized the new one Web 3.0 already in December 2021 via Twitter, when him described as owned by venture capital companies and therefore it is not decentralized at all.

What is the idea of the new Web5?

So Jack Dorsey began to toy with the idea of a new website project that would be completely decentralized and secure without any intermediary who could control the user data. The document representing the project reads:

"The Web has democratized the exchange of information, but it lacks a key layer: identity. We fight for personal data security with hundreds of accounts and passwords that we don't remember. Today, the identity and personal data on the website have become the property of third parties. "

"Web5 brings decentralized identity and data storage to your applications. It allows developers to focus on creating a user-friendly experience while restoring data ownership and identity to individuals. ”

The main goal in the minds of its creators was give users back power over their digital identity and related data through decentralized tools. In short, to avoid episodes like Facebook, which sold the data of thousands of users to an external company.

Web5 is currently in open source development. TBD has not yet announced an official release date. However, Mike Brock, head of TBD, confirmed that there are no tokens to invest in Web5. As we know, NFT and other tokens are a key part of Web3.

In addition, he pointed out at Web3: “Some people seem to think that we are joking about Web5 and that we are not really working on it. I promise you that we are really working on it. In fact, it will exist, unlike the web3. ”

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.